Navigating the 1-4 Family Contract
© 2023 Independence Title Education
Contract Timelines
• Always calendar days!
• Always end at midnight unless otherwise stated.
• Effective date is 0 next day is 1.
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• Confirm the seller’s name with the appraisal district
• Confirm the seller is the real seller
• Confirm buyer name with driver’s license
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PROPERTY FORMULA
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+ Improvements + Accessories = PROPERTY 2A 2B 2C
Land
PROPERTY IS WHAT CONVEYS
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How is it determined if it stays?
• The courts use the “TRIPLE A” method:
üAnnexation – can it be removed without causing damage?
üAdaptation – is it customized for the property or is it standard?
üAgreement – what was their intention?
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“We have to keep Grandma’s chandelier!!!”
§ Listing agents be proactive
§ Use paragraph 2D, Exclusions, in the contract
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Addendum Regarding Residential Leases
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7 Addendum Regarding Fixture Leases Paragraph 5 – Page 2 Independence Title 5000.00 1234 Main Street Austin, TX 78730 250.00 $5250.00 Independence Title Acceptable Methods of Payment are: • Zoccam • Cashier's Check • Wire Transfer • Personal Check
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Paragraph 5 – Page 2
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Independence Title 5000.00 1234 Main Street Austin, TX 78730 250.00
Independence Title 5000.00 1234 Main Street Austin, TX 78730 250.00
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Paragraph 5 – Page 2
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Independence Title 5000.00 1234 Main Street Austin, TX 78730 250.00
Independence Title 5000.00 1234 Main Street Austin, TX 78730 250.00
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Paragraph 6 Class
• Details about the title policy and who will pay for it.
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• Details about delivery of the title commitment.
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• Delivery of the existing survey and T-47 affidavit.
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• Use (2) or (3) when a new survey is needed.
• Use if the buyer has a specific need for the property example shortterm rental.
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• Notice given in contract
• Separate Notice
• Separate Notice
• Separate Notice
• Notice given in contract
• Notice given in contract
• Separate Notice
• Notice given in contract
• Separate Notice
• Notice given in contract
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Paragraph 7 Pages 4-5
Use when a buyer wants to perform hydrostatic testing.
• Only a licensed plumber
• Establishes authorization by the seller
• Allocates risk of damages to the property
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Paragraph 7 Pages 4-5
Paragraph 7 Pages 4-5
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Paragraph 20 FIRPTA Class
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